Results for "fiduciary"

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State regulators urge SEC not to try to block state fiduciary laws

April 30, 2019

State regulators are urging the Securities and Exchange Commission not to try to block state fiduciary laws and regulations through the agency's investment advice reform rule. In an April 25 comment letter to the agency, the North American Securities...

SEC commissioner Stein suggests Congress address differing broker, adviser standards

October 16, 2018

Securities and Exchange Commission member Kara Stein said Tuesday that Congress may have to get involved in raising investment advice standards. The Democratic commissioner suggested amending securities laws that allow brokers to provide advice...

New Jersey could be first in fiduciary 'blue wave' with pending proposal

October 9, 2018

A calm surface on the waters of investment advice reform is about to be broken by what could be the beginning of a fiduciary blue wave at the state level. Next Monday, the New Jersey Bureau of Securities is expected to release for public comment...

Trump could cost future retirees billions

May 6, 2019

Last year, the Trump administration abandoned a regulation designed to protect U.S. savers from conflicted investment advice. Known as the fiduciary rule, it would have required more brokers and insurance agents to disclose when they're getting...

Does Reg BI really hold brokers to a higher standard than investment advisers?

June 14, 2019

Reg BI rolled-out with bravado and fanfare on June 5. The SEC chairman spearheaded a two-hour presentation on two rules and two interpretations aimed at bringing "the legal requirements and mandated disclosures in line with reasonable investor...

Acosta says Labor Department will revive fiduciary rule

May 1, 2019

Labor Secretary Alexander Acosta told lawmakers Wednesday the agency would revive its fiduciary rule. In a hearing of the House Education and Labor Committee, Mr. Acosta said DOL is working with the Securities and Exchange Commission as the...

All clients deserve advice that is in their best interest

September 19, 2018

With all of the recent discussion about the standards of conduct for financial professionals, it is important to remember that there is one legal standard that has required professionals to act in the best interest of their clients for more...

John Taft: Reg BI the best we could have hoped for

June 12, 2019

Nine years after the Dodd-Frank Act gave the Securities and Exchange Commission authority to raise the bar for individual investor protection, the SEC finally took the bull by the horns last week, approving its long-awaited Regulation Best Interest...

SEC Regulation Best Interest an important step for our industry

August 29, 2018

The Securities and Exchange Commission's introduction in May of a proposed best-interest standard of care for all advisers — including those affiliated with broker-dealers and RIAs — was a watershed moment for the financial advice profession....

Trump administration puts potential new hurdle in path of Regulation Best Interest

April 15, 2019

A new regulatory requirement could slow down the Securities and Exchange Commission's investment advice reform proposal and crimp the agency's ability to issue guidance on other rules. Last week, the Trump administration's Office of Management...

New Jersey releases rule to impose fiduciary duty on brokers

April 15, 2019

New Jersey brokers would have to meet a higher investment advice standard under a rule proposed Monday. The measure would impose fiduciary duty on brokers, subjecting them to a higher requirement than the current suitability standard they must...

The fiduciary rule for retirement advice faces an uncertain future

June 26, 2017

As his first major policy initiative, Securities and Exchange Commission Chairman Jay Clayton announced on June 1 that he welcomed an invitation by Labor Secretary Alexander Acosta to, among other things, "engage constructively as the Commission...

Critics concerned with pending second wave of SEC share-class crackdown

July 16, 2019

As the Securities and Exchange Commission conducts investigations for the second round of its crackdown on inadequate mutual fund payment disclosures, critics are asserting the agency is engaging in rulemaking by enforcement. Earlier this year,...

SIFMA: Regulation Best Interest raises bar on investor protection

August 7, 2018

The United States' extensive history of individual investing has resulted in more options, greater competition and lower costs compared to the rest of the world. Just as the mix of financial products has evolved, with great benefit to everyday...

Shorthanded SEC may have to decide investment advice proposal on its own

September 11, 2018

For the moment, the Securities and Exchange Commission has a full complement of five members, but it may not last for long. Last week, the Senate confirmed Elad Roisman to a Republican seat that had been vacated by Michael Piwowar in July. It...

The SEC proposal does not protect Americans from 'harmful practices' by broker-dealers

August 3, 2018

Your lawyer can't take money from your opponent to give you bad legal advice. If you're on Medicare, your doctor can't take kickbacks from drug manufacturers for prescribing their drugs. But, under current law, your broker-dealer can receive...

Merrill Lynch can't reverse progress on eliminating conflicts of interest

September 5, 2018

The fiduciary rule is dead, but its spirit lives on. The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients' interests ahead of their own — when handling retirement accounts....

SEC member Robert Jackson Jr. calls for 'bipartisan' Regulation Best Interest

April 8, 2019

Securities and Exchange Commission member Robert Jackson Jr. urged his colleagues to approve an advice reform rule across party lines so that it can withstand court challenges. "Fundamentally, this can and should be a bipartisan effort of the...

Fate of New Jersey fiduciary standard could come down to politics, court

April 16, 2019

A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. On Monday, the state's Securities Bureau released a proposal for...

CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

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